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Company News

Investors on edge as TMX set to open after tech glitch shut trading

Feb 28 (Reuters) - Investors were jittery as trading was set to resume on Canada’s biggest exchange on Friday, a day after a technical glitch shut the exchange nearly two hours ahead of its scheduled close in the midst of a sell-off.

This is the second time in less than two years the operator of the Toronto Stock Exchange has been hit by technical problems.

Late on Thursday, TMX Group Ltd said it had taken measures to mitigate the risk of recurrence and that all systems were ready for the start of business on Friday.

The company’s statement followed a trading halt on the TSX as well as the TSX Alpha and TSX-Venture exchanges, after an unspecified technical issue caused problems with entering, modifying or canceling open orders on the former two.

Canada’s main stock index futures were down on Friday, tracking losses in global markets as a spike in coronavirus cases in several countries raised fears of a global pandemic.

In April 2018, a failure of data storage equipment caused an outage with back-up measures also failing to engage. (reut.rs/2Tmg1SK)

Last month, TMX said its chief financial officer, John McKenzie, would become interim chief executive, while the company sought a permanent replacement to Lou Eccleston, who had been at the helm since November 2014. (Reporting by Abhishek Manikandan in Bengaluru; Editing by Saumyadeb Chakrabarty)

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